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  "docSlug": "f39479b88775",
  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2015-08-01 00:00:00",
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  "pageNumber": 18,
  "pageCount": 63,
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  "nDataPoints": 12,
  "notes": "This slide is likely from an activist presentation (Pershing Square/Ackman) critiquing Herbalife's business model by highlighting how 'credits' are framed as 'salary'.",
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      "kind": "callout",
      "text": "Compensation for being a Business Representative...",
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      "text": "Herbalife participants refer to Retroactive Credits as \"pay\" and \"salary,\" and Herbalife withholds taxes on these payments of Retroactive Credits to participants",
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      "text": "Herbalife participants refer to Retroactive Credits as “pay” and “salary,” and Herbalife withholds taxes on these payments of Retroactive Credits to participants",
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      "text": "While Business Representatives order products at full suggested retail price, Herbalife pays them a “Retroactive Credit” equal to a percentage of the price paid. The Retroactive Credit begins at 15% and increases as Business Representatives accumulate more Volume Points.",
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      "text": "Retroactive Credit: 25%",
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      "text": "Source: Herbalife Business Execution Handbook (China)",
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      "text": "Volume Points Required | RMB Equivalent | USD Equivalent | Retroactive Credit\n100 | 1,200 | $197 | 15%\n500 | 6,000 | $985 | 20%\n2,000 | 24,000 | $3,940 | 25%",
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      "text": "Incentives for Business Representatives",
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